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7 Oct 2024

Thai Economy

Inflation rose to 0.61% YoY in September 2024; full-year forecast of KResearch remains at 0.5% (Business Brief No.4088 Full Ed.)

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Inflation rose to 0.61% YoY in September 2024; full-year forecast of KResearch remains at 0.5%

•    Thailand’s headline inflation accelerated to 0.61 percent YoY in September 2024, primarily driven by higher prices of fresh vegetables and fruits following damage to agricultural production caused by flooding in farming areas. Additionally, domestic electricity and diesel prices increased due to the low base effect, caused by the government measures, aimed at easing the cost of living for consumers, including freezing of power tariffs and retail diesel prices.

•    Despite the acceleration, domestic inflation in September 2024 remained benign. The main downward pressure came from gasohol and gasoline prices which decreased compared to the same period of last year, in line with global crude oil prices.

•    KResearch maintains its projection for full-year 2024 headline inflation at 0.5 percent YoY. It is expected that the country’s headline inflation will pick up in the remaining months of this year. Global crude oil prices could rise to around USD 80 per barrel due to renewed tensions in the Middle East.

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Thai Economy